Business growth – Stages & Strategies
What is business growth? Business growth is a phenomenon which occurs when business owners, their employees, and outside factors influence the company’s success. We can say that a business grows […]
Read moreSince the dawn of the digital age, each business, no matter its characteristics, generates an abundance of various data daily. All the data surrounding a given company (the so-called Big Data) can be used for furthering its development – granted, you can filter the right information out of it. That’s where Big Data Analytics comes into play. Let’s take a closer look at it and the benefits it can bring to businesses.
Big Data Analytics can be summed up as the process of uncovering patterns, trends, and correlations in large amounts of data (which includes both structured and unstructured data) to help businesses make better, data-driven decisions. In other words, Big Data Analytics processes transform the raw data into a usable resource that a given organisation can use to built better future outcomes thanks to predictive analytics.
Each Big Data Analytics process data in 4 distinctive steps:
The way of collecting necessary data differs between organisations and depends on the available tools. Nevertheless, with today’s technologies, both structured data and the raw unstructured “mess” from various sources (e.g., from a data warehouse, data lake, cloud storage and so on) can be gathered and used for business analytics.
After the data gets collected and safely stored, it’s time to get it organised – that’s the only way to get viable results of analytical queries. Especially when you have to process data that had no structure or came in massive amounts. One of the most commonly used options is batch processing, which enables you to process large blocks of data over time. This method is especially useful, when the turnaround time between collection and analysis is long. If time is of the essence, stream processing would do better – it handles data in smaller batches, ensuring shorter turnaround time and quick decision-making. Unfortunately, due to being more complex, this type of data processing is often significantly more expensive.
For stronger results, the data quality should be improved. This means that all the gathered and processed data must be saved in a correct format and any duplicates/irrelevant data must be accounted for or eliminated. Leaving “dirty” data in would lead to flawed, obscured insights and misleading conclusions.
With nice and organised data sets, the proper data science can begin – it’s time to turn all this big data into even bigger insights and data models through advanced analytics. Exact methods depend on the nature of the data and set business goals.
Thanks to the software and hardware advancements of the last 20 plus years, it’s possible to handle tremendous amounts of data and thoroughly explore the data surrounding each active business. Moreover, this field is constantly evolving and providing us with new, even more effective big data analytics tools. Speaking of tools…
As mentioned above, various types of tools can be used in big data analysis. Here are some technologies most commonly used in BDA:
Now that you know what it is, and what it can include, let’s take a look at how big data analytics benefits your business. The benefits of using BDA can be divided into 3 main areas:
Data generated by an organisation and its surroundings (the so-called Big Data) is a valuable resource that can provide a serious business boost when processed properly (this is especially true for unstructured big data). Thus, big data analytics refers to various technologies that enable you to transform all that stored data into a usable source of information. When conducted properly, BDA can help you make better business decisions and carry your organisation into a bright future. If you’re in need of big data analytics services, don’t hesitate to contact us – here at Silicon Cities Consulting & Advisory, we can help you with various data-related problems and provide expert advisory services (e.g., board advisory) to your company.
Share your company growth expectations with us and our business consultants will help you with the right strategy! Contact us today to get a quote.
Business growth – Stages & Strategies
What is business growth? Business growth is a phenomenon which occurs when business owners, their employees, and outside factors influence the company’s success. We can say that a business grows […]
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